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Market Analysis – January 8th
GBPUSD buyers struggle in the consolidation phase and are waiting for a breakthrough. The price remains pinned down in a consolidation phase, with the bullish trend disappearing from the radar as buyers lose hope.
The bulls are currently engaged in a battle before a final breakthrough can occur. Buyers have been accumulating strength above the significant level of 1.25940, but the price has been exhibiting low impulse since December, carrying over into the new year.
GBPUSD Key Levels
Resistance Levels: 1.28670, 1.25940
Support Levels: 1.20400, 1.17910
GBPUSD Long-Term Trend: Bullish
Looking beyond the current outlook, the bulls are eagerly anticipating a breach of the 1.30000 significant level. However, before this could happen, the buyers experienced a strong purge after a retest at the 1.20400 level. Eventually, buy momentum fired up with a strong impulse before entering a period of consolidation.
On the daily chart, sellers continue to exert their strength against buy traders, making it challenging for the bulls to recover space. The Bollinger Band indicator reflects the current state of price volatility, showing that GBPUSD is still in a quiet phase, with buyers remaining trapped within the flow. This scenario is also evident in shorter time frames, where the market is still in a phase of accumulation.
GBPUSD Short-Term Trend: Bullish
Buyers remain confined and eagerly await a breakthrough that will propel them to higher levels. The short-term trend still confirms the price in the consolidation period for now as well. Expansion is bound to play out in the days to come.
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